I'm seeing a bargain with this stock, what am I missing?

Probably. Keep hunting until you find it, the market isn't that dumb when it comes to a big company like Alcoa.

From what I've read about it is that the technicals are fine, the market for metals is just completely saturated. Supposedly saturated through 2014.

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but $8.47 seems ridiculously low for this company,

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AA won't come back until (or, unless) aluminum prices ever recover.

While almost all other industrial metals prices are within 10-15% of their five-year highs, aluminum is selling 35-40% below where it was 5 years ago.

I owned AA for several years. I finally gave up on it last year when it hit $9+ for the first time in a while. I lost on it.....

I bought it at 8.96 back in October. It has dropped a good bit in value lately and I kind of bought it at a trading ceiling but I think it will go up at least to 10.00 here in the next year. It pays a 1.50 dividend. The stock is down ultimately due to the forecasted aluminum demand which is projected to be down about 15% over the next 4 years. Can't be that low right? Everyone needs aluminum.

Can anyone explain this options graph for Alcoa to me in layman's terms?